What is Steem (STEEM)?

Jun 18, 2018 at 18:59

Coin overview

Steem: Incentivizing content sharing on the blockchain

In the online world, monetizing content came in the form of advertising by using display advertisements or through the use of affiliate links. Earnings depend on the extent a certain website is accessed by users.

But Steem wants to change how to monetize how content is shared in the web. It wants to reward content creators and creators for providing quality content.

Steem is a blockchain-based social media platform that incentivizes content sharing on Steemit. It was created in 2016 by CEO Ned Scott and Daniel Larimer, CTO of Steemit and founder of Bitshares.

Rewards come in the form digital tokens, namely Steem Dollars, Steem Power and STEEM. Steem Dollar is backed by the US dollar. Owning Steem Power is like investing in the network as equity which is equivalent to 1 vote, so the more Steem Power one has, the greater the influence. STEEM is the native cryptocurrency which can be traded for Bitcoin and other cryptocurrencies.

Focusing on STEEM, this can be earned by posting, commenting, and upvoting articles on the Steemit community. It can also be earned by joining contests or challenges to gain popularity.

However, the cryptocurrency can also be bought on several exchanges.

Where to buy?

STEEM can be bought from popular cryptocurrency exchanges such as Binance, Huobi, Upbit, Bittrex, Bithumb, Poloniex, RuDEX, GOPAX and OpenLedger DEX.

Is it mineable?

The STEEM token has a highly-inflationary supply model. The Steemit platform mints tokens every single day. Currently, there is a total supply of 275,694,834 tokens, with 258,720,740 in circulation.

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